With PNA today proposing a 1 for 5 share consolidation it shows that PNAs board and management are not getting caried away with themselves and are at least giving the proposal a chance of being passed by shareholders.
This 1 for 10 consolidation is a joke.
With the investment community finally looking like they had released the shackles of our punished company, management come out with a scary 1 for 10 consolidation to once again see our leaders regarded with suspicion.
If board and management truly believed this move was warranted then why not tack it on to some good drilling results/ acquisition news to give it a chance of succeeding.
We could take a leaf out of PNAs management book and do likewise with a smaller consolidation that is not going to scare investors.
With the capital return showing the market that they really do not have an idea and that no acquisitions seem to be on the horizon the sp will take a hit to reflect that sentiment.
Although i seem to be lauding PNAs management i will state that i do not own any PNA shares.
We have just started to turn the corner and then our management come out with a smack in the face to once again dismay the investment community and shareholders alike.
When will it end.
OZL Price at posting:
$16.20 Sentiment: Hold Disclosure: Held
